According to a chart provided by the Santiment data aggregator, the Cardano network has witnessed an influx of large investors (known as whales). Since March 21, the number of whales in the Cardano network has increased by 1.7%. Here are the details.
Whales stock up on the ADA
According to the tweet shared by Ali Martinez with the Santiment graphic, about 42 new whale addresses have appeared on the Cardano network in the last nine days. These addresses hold between 1 million and 10 million ADA coins. In fiat money, the amounts in question are worth between $1.2 million and $12 million.
The number of whales on the #Cardano network has increased by 1.7%. Roughly 42 addresses holding 1,000,000 to 10,000,000 $ADA were created since Mar. 21.
The uptick may seem insignificant at first glance, but these whales hold between $1.2 million and $12 million in #ISLAND. pic.twitter.com/ELUsppKhCl
— Ali Martinez (@ali_charts) March 29, 2022
The chart also reveals that there was a huge drop in the number of whale addresses in February this year, when ADA was trading at $0.9.
Now, the inflow curve for these wallets has risen sharply while ADA is up 23.10% weekly, trading at $1.20.
ADA faces influx of funds from institutions
On March 29, IntoTheBlock reported that the Cardano network is seeing higher-than-normal demand from financial institutions. The volume of on-chain ADA transfers carrying more than $100,000 in ADA has increased 50 times so far this year. On March 28, a total of 69.09 billion ADA tokens were transferred as part of these transactions, and these fund movements accounted for 99% of the total ADA volume carried on-chain.
This surge in demand on the Cardano network was most likely caused by the overall expansion of the network and the total amount of value locked on it to exceed $300 billion in ADA.
Finally, it is worth mentioning that the coin’s market cap has exceeded $40 billion and the price has reached a two-month high.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.